Nov 6: SMCI bottomed and will rally to ATH
SMCI has bottomed here after undercutting the previous congestion zone and reversed quickly up with a capitulation candle on the daily after an exhaustion gap.
The last leg was a fast and truncated Y leg (0.618 of W) in the WXY correction, and has erased all RSI divergences.
The drop may seem deep but is only under 0.318 of the whole rally from 2018.
Sentiment-wise, the drop has done its job to reset sentiments as everyone is hating on it.
Bad news always come out at or near the bottom.
The last leg was a fast and truncated Y leg (0.618 of W) in the WXY correction, and has erased all RSI divergences.
The drop may seem deep but is only under 0.318 of the whole rally from 2018.
Sentiment-wise, the drop has done its job to reset sentiments as everyone is hating on it.
Bad news always come out at or near the bottom.
註釋
It is also sitting on the important 200 MA on the weekly
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